MapsPeople A/S releases Q3 2024 Financial results

MapsPeople A/S | Quarterly Report

Company Announcement No. 23 - 2024

Aalborg, November 13, 2024

Q3 2024 Financial Highlights

• ARR grew to tDKK 56.221 which is a YoY growth of 9% compared to Q3-2023 (tDKK 51.363). The QoQ growth was 1% from Q2 2024 (tDKK 55.623).
• Revenue grew 38% YoY and was tDKK 14.786 in Q3 2024, compared to tDKK 10.693 in Q3 2023. 
• EBITDA before special items for Q3 2024 was negative tDKK 6.447 compared to negative tDKK 12.761 in Q3 2023, delivering a 49% improvement YoY.
   

Business Summary

The ARR was improved marginally compared to Q2 2024. In Q3-2024 new business amounted to tDKK 2.576, tDKK 554 with new partners and customers, and tDKK 2.022 as upsell to existing partners and customers.

NRR for the quarter was at 101% compared to 110% last quarter. NRR is influenced by old framework agreements invoiced in 2023 that as expected was not renewed in 2024 Corrected for this NRR would have been 106%.

Recognised revenue grew 38% from Q3 2023 to Q3 2024 and revenue on our main product, MapsIndoors grew 50% YoY. Recognised revenue for Q3 2024 is on the same level as Q2 2024. YTD revenue of MapsIndoors grew by 79% compared to the same period in 2023.

EBITDA before special items ended negative with tDKK 6.447 compared to negative tDKK 12.761 in Q3 2023 and negative tDKK 8.206 in Q2 2024. This is a 49% improvement YoY. Staff cost continues to be 20% lower YoY, and was tDKK 2.747 lower than Q2 2024 primarily driven by vacation season.  

With the significant cost reductions carried out in previous quarters, we have shifted our focus to contain the more efficient organization and monitor costs while continuing using technology to gain additional productivity within our organization. 

During the 3rd quarter we focused on completing the capital raise and initiated some of the correcting measures to grow our Sales Funnel which has already shown some promising progress for Q4 2024 but evenly important for 2025 and these efforts and somewhat higher associated spends will continue through Q4 to get to the level supporting our growth ambitions. In Q3 we also started onboarding some very large customers and partners, making our delivery organization work hard through the summer, well assisted by our AI aided Map digitization capabilities.  Going forward we will continue to  develop the next generation of these capabilities, and add additional tools to deliver new indoor map digitization and map updates even faster, while also looking into how we can build a more flexible capacity for map digitization and map updates.

Management Presentations

Management presentation of the Q3 2024 Financial report will be hosted and moderated by HCA Capital on Thursday November 14th at 10:00 am  CET. There will be an opportunity to ask questions to management. Sign up for this event at: https://www.inderes.dk/videos/mapspeople-presentation-of-q3-2024

 On Thursday November 14th at 11 am CET there will be an additional  presentation of the Q3 2024 Financial report hosted by Stock.io. You can now sign up and start submitting questions for the event via this link: https://app.stokk.io/app/mapspeople/event/180/q3-2024-presentation-and-qa/. By pre-submitting questions via the link you do not have to attend the event live to get answers if you are unavailable during the time of the event. The moderator will direct your questions to the management team and you will after the event be able to find answers in one single click in text, video and audio.

For additional information, please contact

MapsPeople A/S

Morten Brøgger, CEO 

Mobile (+45) 31 23 48 72 

Email [email protected]  

Stigsborgvej 60, 9400 Nørresundby

Denmark

Certified Advisor

Grant Thornton

Jesper Vestergaard 

Mobile (+45) 31 79 90 00

Stockholmsgade 45 2100 Copenhagen Ø

Denmark

IMPORTANT INFORMATION

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by MapsPeople in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.

This announcement does not constitute an offering circular, company description or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in MapsPeople except as described in this company announcement.

Neither the existing shares of MapsPeople (the "Existing Shares") nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended ("Securities Act"). Neither the Existing Shares nor the New Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Private Placement is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication of a prospectus, registration or other measures.

Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. MapsPeople has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.

 

Source: MapsPeople

Tag: MapsPeople-Company-Announcements